106 THIRTY-EIGHTH CONGRESS. Sess. I. Ch. 106. 1864. Entire eireula- for circulation to be issued under this act shall not exceed three hundred Qz§{,‘0“(§(§0“00°(’f“°d millions of dollars. In order to furnish suitable notes for circulation, the i i I comptroller of the currency is hereby authorized and required, under the Gornptroilerto direction of the Secretary of the Treasury, to cause plates and dies to be P'°P“'° dm “°"°’· engraved, in the best manner to guard against counterfeiting and frandu. lent alterations, and to have printed therefrom, and numbered, such quan. Denominations. tity of circulating notes, in blank, of the denominations of one dollar, two dollars, three dollars, fivedollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act, the associations entitled to Notesto ex- receive the same; which notes shall express upon their face that they are PMS "h““‘ secured by United States bonds, deposited with the treasurer of the United States by the written or engraved signatures of the treasurer and register, and by the imprint of the seal of the treasury; and shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the signatures of the president or vice- D¤Vi¢¢¤· president and cashier. And the said notes shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct: Provided, That not more than one sixth part of the notes furnished to an association shall be of a less denom- Notes under ination than five dollars, and that after specie payments shall be resumed $5- no association shall be furnished with notes of a less denomination than tive dollars. Whw 1*0**8 Sec. 23. And be it further enacted, That after any such association {Q53i1g;?;;,,, shall have caused its promise to pay such notes on demand to be signed by the president or vice-president and cashier thereof; in such manner as to make them obligatory promissory notes, payable on demand, at its place _ of business, such association is hereby authorized to issue and circulate f°:¤dl{j1;¢;¢¤Z;§ the same as money; and the same shall be received at par in all parts of cept, &,,_ ’ the United States in payment of taxes, excxses, public lands, and all other dues to the United States, except for duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. And no Pm ¤<>¥¤S»&¢-. such association shall issue post notes or any other notes to circulate as "°tt°b° 1”"°d’ money than such as are authorized by the foregoing provisions of this act. wmout ,,,,,1 Sec. 24. And be it further enacted, That it shall be the duty of the m¤|¤il¤¢¤d ¤0t¢¤- comptroller of the currency to receive worn-out or mutilated circulating notes issued by any such banking association, and also, on due proof of the destruction of any such circulating notes, to deliver in place thereof to such association other blank circulating notes to an equal amount. And such worn-out or mutilated notes, after a memorandum shall have been entered in the·proper books, in accordance with such regulations as may be established by the comptroller, as well as all circulating notes which shall have been paid or surrendered to be cancelled, shall be burned to ashes in presence of four persons, one to be appointed by the Secretary of the Treasury, one by the comptroller of the currency, one by the treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may prescribe. And a. certiiicate of such burning, signed by the parties so appointed, shall be made in the books of the comptroller, and a duplicate thereof forwarded to the association whose notes are thus cancelled. Asspcintions to Sec. 25. And be it further enacted, That it shall be the duty of every f>’f‘;g‘l,§‘:n‘:,‘;“;,‘,jf banking association having bonds deposited in the office of the treasurer posited, and of the United States, once or oftener in each fiscal year, and at such time m¤k° °°m6¢m· or times during the ordinary business hours as said officer or officers may select, to examine and compare the bonds so pledged with the books of the comptroller and the accounts of the association, and, if found correct,
